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Western States Bank Review

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by Gabe Rueda Updated July 11, 2019 We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure

Western States BankSavings

0.10%APY

SmartAsset's Overall Rating

4.4/5

Rates

3.7

Fees

5.0

Service Quality

4.0

Financial Health

4.7

Key Highlights

Overview

Western States Bank was founded in 2006 with headquarters in Laramie, Wyoming. It handles assets of $492 million as well as $437 million in deposits, classifying it as a medium-size bank. Western States Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at a commendable 4.4 out of 5 stars, Western States Bank proves it is a great choice and should warrant serious consideration. Western States Bank offers a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Western States Bank's ordinary checking account does not have a monthly fee. Banks that offer free checking and a high interest rate savings account are the best bet for accruing the most income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

When a component rating is unavailable, the overall rating is calculated as an average of the remaining available ratings.

Rates

The Rates rating represents an aggregate of interest rates for specific bank products measured against the national average interest rate for each product. Product interest rates may vary by branch. Rates shown reflect the highest available nationwide.

Fees

The Fees rating is an assessment of the bank's fees measured against the national average fee amount for particular services and is also affected by whether or not the bank refunds ATM fees.

Service Quality

The Customer Experience rating is a weighted average of the Mobile Rating and the Consumer Satisfaction Score, which is based on complaints brought to the Consumer Financial Protection Bureau (CFPB).

Financial Health

The Financial Health rating is based on the Texas Ratio, an indicator that warns of credit problems at particular banks: anything less than 5% is considered Excellent; less than 20% is Very Good; less than 50% is Good; less than 90% is Fair; and over 90% is Poor.

Rates

3.7

SmartAsset Average: 3.5

Western States Bank features a savings rate of 0.10%, which is fair in comparison to the average U.S. bank. Western States Bank's one-year CD has a rate of 1.50% and the five-year CD earns at a rate of 2.75%, while its highest-yielding money market account has an APY of 0.10%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Western States Bank's Savings Rates Compare

Fees

5.0

SmartAsset Average: 4.4

On average, Western States Bank charges customers extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Western States Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you'll need to search for a Western States Bank ATM or eat the fee.

Service Quality

4.0

SmartAsset Average: 3.7

Western States Bank is a brick-and-mortar bank, with 14 total branches in Colorado, Nebraska and Wyoming. It also offers access to mobile and web apps for simple access and banking on the go. Western States Bank gets moderately high praise from users for its mobile platform. The Western States Bank mobile app scored a 4.1 out of 5 (out of 30 reviews on iOS and Android) compared to the national average of 3.8. You can use Western States Bank's app to manage your funds by reviewing account balances, sending and receiving funds as well as reaching support representatives. Western States Bank gets a superb consumer satisfaction rating based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Financial Health

4.7

SmartAsset Average: 4.8

Western States Bank ranks as a medium-size bank owning assets totaling $492 million and deposits totaling $437 million. It has a strong Texas Ratio of 7.15%, indicating that Western States Bank is in fine financial well-being and unlikely to fail. Additionally, Western States Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.15%

High Risk75%50%20%10%Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Western States Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Western States Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Western States Bank's CD rates are fair in comparison to the average U.S. bank.